EIB Group to Reinforce Support for Innovation in Southeast Europe, with Focus on Bulgaria

Konstantin Karagyozov

European Investment Bank Vice President Kyriacos Kakouris (BTA Photo)

Sofia,

12.06.2024 13:01

(BTA)

Addressing a discussion on investment in innovation by Bulgarian enterprises in Sofia on Wednesday, European Investment Bank (EIB) Vice President Kyriacos Kakouris said that the EIB Group is determined to strengthen cooperation and support innovation in the Southeast European countries, with a particular focus on Bulgaria. The event was organized by the EIB, Sofia University Economics Faculty and the Council for Innovation, Digitalization and New Technologies (CIDNT) at the Bulgarian Chamber of Commerce and Industry (BCCI) and took place in Aula Magna of Sofia University’s Rectorate building.

Atanas Kolev, Principal Advisor at the EIB Economics Department, presented data from the EIB's Annual Investment Survey on Innovation Activity for 2023, according to which investment in innovation by Bulgarian non-financial companies is the lowest in the region of Central and Eastern Europe. According to the data released, around three quarters of the surveyed SMEs in the country do not carry out any innovation activity, which is the highest share among all Central and Eastern European countries with similar economic development.

Kakouris highlighted the leading role of the EIB Group (European Investment Bank and the European Investment Fund) in Europe in providing expertise and financial resources for climate, innovation and venture capital investments.

Touching upon the importance of venture capital in the conditions of transition in which the European economy finds itself now, the EIB representatives recalled the funding provided to Bulgarian companies, among which are Software Group, EnduroSat and Eldrive.

Kakouris underscored that the EIB Group is the largest provider of venture capital in the European Union, supporting almost half of the European unicorns that have emerged in the last 15 years, mostly in the early stages of their development.

/RY/